The Role of Islamic Social Finance in Reviving the Economy During COVID19 Pandemic Crisis

Abstract

This paper attempts to discuss the role of Islamic social finance in reviving the economy during and after the COVID 19 pandemic crisis. Specifically, it explained the role of zakat, waqf, sukuk, and crowdfunding in helping customers, producers, and governments in helping those affected by the crisis as well as increasing the economic activities which in turn would help reduce unemployment and revive the recession faced by many countries throughout the world during this pandemic crisis. The instruments of Islamic social finance need to be mobilized to boost the economy during the COVID19 pandemic is as well as the anticipated post-CoVID19 pandemic. Zakat, waqf as well as social investments through sukuk and crowdfunding should play significant roles not only during but also post-pandemic that could increase the economic activities and help the economy to get out of recession.